How to Measure Your Entire Marketing Strategy Using Just These Three MetricsBest Practices | Nov 20, 2017
The success of any marketing strategy can be boiled down to three core metrics…
Traction, engagement, and conversions.
If you know where your brand stands on each of these three metrics, you’ll have everything you need to build engaging campaigns.
Unfortunately, the current obsession with data can often overcomplicate these KPIs to the point where marketers are often afflicted with “paralysis by analysis”. They’ll spend hours digging through Facebook Insights, Google Analytics, and dashboarding tools gathering as much data as they possibly can and, before they know it, they’re stuck.
They have a boat load of information, but no actionable insights.
Don’t fall into that trap.
Avoid data overload and break it down to these three questions:
Traction: “Are our marketing campaigns getting in front of enough people?”
Engagement: “Are people engaging with our content?”
Conversions: “Is our content converting people to fans, influencers, and customers?”
Like any other type of goal setting, you need to monitor these things at least once per week in order to stay on track and make adjustments.
Your marketing probably spans a range of different online channels, each having their own definitions, KPIs and naming conventions (ie. likes, favorites, follows, etc).
Fortunately, a common thread between all platforms is that they all measure traction, engagement, and conversions in their own way.
Let’s take a look at how to find measure these for all of your accounts…
The best place to start your marketing analysis is with traction.
Whether it’s paid or organic traffic, the first step toward brand awareness is being seen.
Our goal is to look at our entire marketing strategy and monitor the total traction of our brand.
Depending on the platform, they may define this differently and could even have a few different ways of tracking it.
Rule of thumb: start with “Impressions”.
Some social platforms have metrics like reach and engaged users, which are great, but we want to compare apples to apples in order to get the whole picture.
There are definitely times where we want to dig deeper and get at active users and reach metrics, but to measure raw visibility, we’re going to use Impressions.
Impressions will take care of what we need for the social side, but what about the platforms that don’t have an impressions metric?
Website, email, and video platforms do things differently.
Content and consumption vary for these platforms, but the same concept of traction can still be measured.
Here are the traction metrics you’ll want from each platform:
Google Analytics: Sessions
Facebook, Twitter, Instagram, LinkedIn: Impressions
MailChimp: Opens/Open Rate
Now we can tell at any point in time whether our marketing strategy is getting in front of more people than it used to.
But are those people taking action?
Let’s check out how to apply the same idea to engagement…
Traffic without action, is a wasted opportunity.
To make sure your audience is truly listening, you’ll want to track engagement on each platform.
Depending on the platform, engagement comes in a variety of forms and flavors.
This could be a like, a comment, a favorite. The name is really not important.
What’s important is action.
In the digital world, action equals engagement and an increased interest level for the user who made the move to click.
Business owners may scoff at a click that results in a like rather than a sale (we’ll talk about sales next), but don’t underestimate these types of engagements.
An engagement in the digital world means your audience is listening.
Make sure you are too.
If you’re putting out content and getting traffic, but no engagements, it means you could be wasting time producing content people don’t care about. Time to adjust the strategy.
Just like measuring traffic, you’ll want to track engagement at every platform to see how engaging your brand is as a whole.
Here are the engagement metrics you’ll want to gather:
Google Analytics: Bounce Rate
Facebook: Likes + Comments + Shares
Instagram and LinkedIn: Likes + Comments
Twitter: Favorites + Retweets
YouTube: Likes + Comment +
MailChimp: Clicks/Click Through Rate
[BTW]: If you’re having a hard time gathering this data from all of your accounts, Rilo can pull everything for you automatically in just a few clicks. You’ll want that info to follow along with this next part…
This is what it’s all about isn’t it?
Why spend all the time marketing if you can’t convert traffic into sales?
Not every platform you market to will generate a sale directly, but a conversion there could mean a new brand advocate and influencer.
This is your social proof.
On the social side, converting a new fan or follow adds to your credibility. It also tells you that person wants more of what you have to offer.
Fans, followers, website users, email subscribers all represent people interested enough in what you have to say to voluntarily opt into getting more of it by becoming a part of your community.
Your audience is part influencer and part customer. You need both.
Influencers may or may not actually buy what you’re selling, but they’re telling friends about you. They become a part of your sales team.
By getting traffic to engage, and engaged traffic to convert, you start to nurture a valuable audience that can work for you.
This is by far the most crucial metric to gage the effectiveness of your marketing strategy. Make sure you’re monitoring total brand conversions at least once per week.
Here are the primary conversion metrics you’ll want from each platform:
Google Analytics: Goal Completions
Facebook: New Page Likes
Instagram, Twitter: New Followers
LinkedIn: New Company Likes
YouTube, MailChimp: New Subscribers
Now that you’ve got these three marketing metrics down, can you tell how your brand is performing in each?
There’s a ton of data out there at your disposal, but if you can focus on the three main concepts of traction, engagement, and conversions, you’ll make your life a whole lot easier and build better, more focused campaigns.
If pulling data isn’t your thing or switching between your social, web, and email accounts was a struggle, let us help.
Get all of the data we talked about here from all of your accounts in just a few minutes, with automated trends and insights for each platform delivered in real time.
Fill out the form below and you’ll get a free 14-trial to Rilo Insights where you can put this whole process on autopilot:
Give Rilo a try for free.Create an entire marketing report in minutes and get valuable brand insights automatically.
No credit card required. Upgrade any time.